What Is The Cut-Off Date For Determining Marital Assets in a Florida Divorce?

divorce.jpg
This is a question I get asked every time I handle a divorce in Florida. One of the biggest concerns of divorcing couples in a Florida Divorce is who gets what in the equitable distribution process. One of the questions that needs to be answered is what are the marital assets? Part of this determination depends on when the assets were acquired. Some married couples go through a separation period prior to meeting with a Jacksonville Divorce Attorney to file for divorce.

During this separation period it is not uncommon for individuals to make new purchases or liquidate assets. Sometimes the spouse who moves out of the marital home will need to access marital funds to pay for their new living accommodations and purchase new furniture. So what are the marital assets subject to equitable distribution and when is the cut-off date for that determination?

Florida Statute 61.075 states that the cut-off date for determining marital assets in a Florida Divorce is the earliest of the date that the parties enter into a valid separation agreement, such other date as may be expressly established by such agreement, or the date the divorce is filed. This means that if the couple enters into a separation agreement and subsequently acquires property, the property can be considered individual property which is not subject to equitable distribution. However, couples in a Florida divorce may have to account for how they paid for the property if they used marital assets or funds to do so.

If you are considering a Divorce in Florida contact a Jacksonville Family Law Attorney to help you understand your rights. Divorce settlements in Florida can have long term effects on your family and should not be taken lightly.